Iron Bear Resources (ASX:IBR) applies for project of National Significance status

Iron Bear Resources has submitted an application to the Canadian Major Projects Office for its Iron Bear Project to be recognised as a Project of National Significance under the Building Canada Act.

The application follows recent regulatory and jurisdictional developments in Canada designed to facilitate the development of major mineral and infrastructure projects.

If successful, the designation would streamline federal approvals, reduce permitting timelines, and provide access to federal support and financing initiatives.

Highlights:

• Submission to the Canadian Major Projects Office for Project of National Significance status.
• Federal permitting timelines potentially reduced from five years to two years.
• Coordinated federal and provincial oversight to avoid duplication of processes.
• Development Agreement with Vale S.A provides up to USD 138m funding to earn 75% of the project.
• World-class iron ore resource of 13.6 billion tonnes @ 30% Fe, including 4.5 billion tonnes @ 29.5% Fe in the Indicated category.
• Production of high-quality direct reduction concentrate grading 71% Fe and 1.2% SiO2, and low-carbon DR pellets.
• Scoping study indicates NPV USD 9.79B at WACC 8%, IRR 18.6%, CAPEX USD 4.64B, with planned production of 25Mtpa at IODEX 62% USD 90/t.

The project is located in Canada, less than 35km from an open-access heavy haul railway connected to an export port, providing strategic logistical access.

The resource is JORC 2012 compliant, with pilot plant results confirming high-grade direct reduction concentrate suitable for low-carbon steel production, and a power de-risking study indicates the concentrator could operate entirely on renewable energy.

The regulatory environment in Canada has been evolving to support large-scale projects, with high-purity iron added to Canada’s Critical Minerals list in June 2024 and the Building Canada Act passed in June 2025 to streamline federal approvals for major projects.

The Major Projects Office, launched in August 2025, aims to facilitate regulatory approvals and financing from government and private sources, including the Canada Infrastructure Bank, Canada Growth Fund, and Indigenous Loan Guarantee Program.

In April 2026, the Canada Strong Fund, a CAD25 billion sovereign wealth fund, was established to invest in nation-building projects across mining, infrastructure, and energy sectors.

 Iron Bear Managing Director Paul Berend said:

“The Iron Bear Project is a very strong candidate to be recognised as Project of National Significance in Canada, as it could position Canada as the world leader for the supply of high value and low carbon direct reduction iron ore pellets. The Project has the potential to deliver one of the most sustainable mines in the world, leveraging renewable energy and innovative technologies to minimise its environmental footprint.”

The designation, if awarded, would provide coordinated federal-provincial oversight, expedited approvals, and access to financial support, potentially accelerating project development.

With a confirmed resource base, pilot plant results, and strategic development funding, the Iron Bear Project is positioned to contribute to low-carbon steel production and the supply of critical minerals from Canada.